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College kid looking for some advice in Real Estate

13K views 58 replies 30 participants last post by  xxandyxx 
#1 ·
Well to start this off I am a student currently studying Urban Planning at Arizona State University and looking for some advice. I am beginning to realize that Urban Planning is not exactly what I want to do with my life and I am much more interested in real estate and buying and selling properties.

I grew up in the suburbs of Chicago and over this past summer working downtown grew very fond of the city. I have always been interested in real estate and the buying and selling and development of cities and even just towns. I have realized this is what I want to do and was hoping that some of you here at the four would be willing to give some guidance. This forum has been an inspiration to me and seeing so many successful people make something of themselves makes me want to do the same.

Currently I plan to change my major to something more geared towards real estate and development, although I have not figured out exactly what as ASU does not offer an undergraduate degree for real estate specifically.

So here it is: If anyone here has any advice as to what to focus my studies on, opportunities to pursue, things I can learn outside of school on my own, or any information or advice you feel could be relevant or helpful to me it would be greatly appreciated. I hope to graduate from ASU and pursue a Masters degree in real estate from a school back in Chicago.

Finally, I plan to send email’s to a few of the commercial real estate firms in Chicago this week to try and obtain an internship for when I return for summer so any advice as to what to include in that email ex. Wording, topics, important things to touch on, etc. That would also be greatly appreciated.

Come on guys help a college kid out so he can be on the right path to maybe be as successful as you one day! Haha
Sincerely,

Charlie

p.s. Sorry this is so long and as some incentive for your time and advice if anyone is in Chicago over summer time and is downtown give me a shout and I can get you on the speed boat tour I work on for free just shoot me a p.m. Got to take care of the fellow L4Pers.
 
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#6 ·
Wow thank you so much. This is the kind of knowledge and insight I am looking for and want to learn from. I am gonna have to think of some specific questions for you but honestly the "rambling" is perfectly ok with me as I want to learn as much as possible.

I guess to continue this going, what actions would you suggest I start taking to get my foot in the door and learning? maybe some good reads or websites that are good to learn from. Unfortunatley I do not have the income to consider any investments and do not have the good fortune of parent with money. (they're probably worse off than me) So between living and paying for school money is tight. I am trying to build my credit score but school cost is making that tough as well. I dont consider myself educated or knowledgable enough at this time anyway so I just want to keep learning as much as I can.

Also do you think it would be a wise decision to try and get an internship at a real estate firm to help with expierence or would you advise to learn on my own however I can?
 
#4 ·
wow thank you so much for that advice. I am 19, and also going into the real estate industry. I have no experience but I am studying about it everyday so that I am equipped with the correct knowledge. The main thing is to KNOW like MarkNV said. I asked a similar question before and people in this community helped me so much. The first thing that is the most important step is to learn real estate and your market in your town. Keeping learning and you will succeed. At the moment I am gaining knowledge about real estate and building my credit. Hopefully by next summer before I turn 20, will have my first investment.
 
#7 ·
That is awsome I am glad to see there are others out there with the same mind set and drive that I have to be successful in this business. As MarkNV said you get to be your own boss and make your own decisions, and if you make something of yourself the pay isn't exactly bad either. These are what I strive for and always dreamed of when thinking about what I want for my future.

Where are you learning from, other than this site which is great, and gaining knowledge. I'd love to learn more as I just started really focusing on this and making the moves necassary to get going. And investment already by 20 is impressive to me and would be quite the accomplishment in my mind and a huge step into making something of yourself early.

Just my $0.02 CAD to add, start your relationship with creditors as early as possible.
With no disrespect but did you mean this sarcastically or are you serious? I could see having good relationships and good credit is key and very helpful but when I hear creditor I think negative as in huge debt.
 
#8 ·
Im 21... I own a little bit of land...

just buy and wait.
 
#10 ·
I guess I'm sort of confused. What career in real estate best describes what you'd want to do?

I'm envious of your position. I am wrapping up a unrelated undergrad but have heard urban planning is a terrific degree to have to get involved in development.

One route would be to finish, go work for a planning firm for a few years, make some $, invest in some properties, then eventually go back to a top tier school for a Master's of Real Estate (development) or an MBA geared towards RE. MIT, Harvard, and a few others all have ones I've looked at. You do need substantial experience in the field.

I doubt you'll find a degree more focused on RE as a whole. Most biz undergrads are fairly general.

Ultimately it sounds like you need to just read up to see where you see yourself fitting into the puzzle. There is sales (RE agents), development, construction and contracting, entrepreneurs (flipping), architects, planners, city planners/boards, landscape architects, appraisers, etc. And of course any combination of those is out there too.
 
#11 ·
As a full time RE investor, who started not far out of college, I'd move into a finance program if I were in your shoes. Fundamental understanding of finance is required if you plan to make it in RE investment.

On top of that, getting involved in the business on the ground level is the biggest key. Get your RE agent license, and intern for an experience agent/broker, or find a successful local investor that's willing to take you under his wing. As someone on the other side of the table, its amazing how hard it is to find intern types that are hard working, dedicated, and committed to learning the biz. If you fit this box, and are persistent, you'll find opportunities.

And one piece of advice I give everyone new is to locate the top Real Estate MBA programs, find their curriculum with textbook requirements, buy those textbooks and read them cover to cover until you have a basic understanding of the fundamentals.
 
#12 ·
Spencer, I really appreciate the input.

I've always wanted to work towards investment and ultimately development. I've been pondering as to whether or not getting my RE license would be worthwhile (if unsure of wanting to ultimately be a full time practicing RE agent). The fact that it's a career where it sometimes seems like everyone and their dog is an agent I sometimes feel like it doesn't seem practical. But the information covered would be beneficial you're saying?

Or do you feel practicing as an agent would be integral to understanding the process. And does an MBA mean much in itself or just the information covered?
 
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#14 ·
I have been in the real estate business for 10 years now, buying and selling single family homes and small multi unit apartments. I have bought and sold right at 600 houses in that time, with a high of 98 houses in my biggest year. My operation has done wholesale, retail, rental, rent to own, and even owner finance some homes to tenants as well. In the current market we are doing buy and hold primarily with a sale here and there to rent to own tenants.

Realize that real estate is an up and down business and you must learn to ride the wave. In the comercial side of the business it follows a different wave and sales are fewer and father between. However it is a big boys game and both sides of the coin are cash intensive and credit intensive.

Stack your money, protect your credit, and network your butt off and start to build relationships with potential partners that you can put into your business to invest with. Even Trump plays the partnership game on big deals.

Learn all you can about the industry you want to be in and a real estate BA is not that important and a MBA? Save the money and use it to invest. Instead of an MBA find a residentual real estate person that you admire and like and follow them around like a shadow. Same on the comercial side if that is what you are interested in. A mentor in the real estate industry is more important than anything else you can have. School programs teach you the book version and your mentor will teach you what happens in the real world.
 
#15 ·
Currently I plan to change my major to something more geared towards real estate and development, although I have not figured out exactly what as ASU does not offer an undergraduate degree for real estate specifically.


Charlie-


I am all so a student at ASU, in the Housing and Community Development undergrad program. You probably haven't heard of the program because as i graduate in May there will only be one more class after mine as ASU is eliminating the program for some reason. This was a more diverse major including real estate, planing, development and finance. sounded good on paper but the program was spread so thin that I did not get as much out of it that i had hoped, I am looking at you grad school.

As a side note though i am a board member for the The Society of Urban & Land Development, a student organization at ASU. we have by weekly meetings with guest speakers from the industry, as well as social events and site visits to local projects. very good networking opportunities!! we actually have a site visit planed this Friday at 10am to Tempe Counterpoint (the paper weight of a skyscraper behind mill Ave.)

Christian

check out the website Society of Urban and Land Development

you can also reach me at cpassala@asu.edu
let me know by tomorrow if you want a spot on the tour as space is limited.

pm sent as well with some more info.
 
#16 ·
I agree with Spencer 100% that fundamentals will always remain the same and should be studied and learned by heart. You don't however need an undergraduate degree in real estate to crush it, especially since most conventional investment strategies changed post 2008.

questions to ponder are; do you want to invest in RE? Commercial, residential? Do you want to sell real estate? Do you want to work on the analytical side like underwriting and modeling? do you want to lease buildings?

real estate sales, especially commercial, isn't for everyone. i went from broker to investor and one thing I quickly learned is a somewhat above-average commercial broker in a big city like LA can outperform the top Lamborghini salesperson anywhere. By that I mean you're not selling herbalife here - these are expensive assets to move and the customers are highly sophisticated. it's hard to bullshit your way through such a numbers-driven sale; there's little to no emotion in commercial. that's the fun part.
 
#19 ·
Alright gonna go right down your post answering your initial questions
-I eventually would like to make my way into investing however I feel like buying/selling or brokering would be a good learning expierence.
-Commercial is what I want to focus on. I love the big city and the business of buildings and a few large deals rather than residential industry and many things at once. I like putting all of my focus, effort and time into one or two major projects rather than multiple smaller ones so I think this would be the way for me to go.
-I am confused as to what you mean by underwriting and modeling? Again still trying to learn many fundamentals
-I think leasing buildings would be something I would consider doing however the actual buying/selling and investing in large projects is what I would like to focus on.

As far as the broker vs investor aspect what made you decide to move to investing over brokerage. One thing I do know about and absolutley love is cars (hence also wanting to focus commercial...I want/love so many different cars I would like to establish enough wealth to have such luxuries) and top lamborghini salesmen make dough! I in know way, shape, or form plan to be a above-average salesmen, I like to be the best at whatever I do and wanting to base my business in Chicago maybe being a broker would be a good path?

The little to no emotion part I do like to a point, I hate being bullshitted around nor have I ever been someone to do that to others out of pure respect. However I have always been good at making positive impressions and leeving people happy with my aproach and attitude to the things I do so I think selling assets such as real estate is something I could excel at.

Do you have any advice being in the commercial side of things for me as far as good first steps to take getting into such business?



yes you can earn large commissions in commercial real estate, but the barrier of entry is high and it takes 12-16 months to close because you have to build like any other business; build knowledge, clients, contacts, relationships, etc.

That being said you can make it happen a lot faster but it takes an incredible amount of hustle. don't expect anyone to pay you hourly to sell a building.
Seems in this business relationships and contacts is key and the more the better. So the sooner I can build my network the better.

Definitely dont plan to make hourly wage, nor do I want that. However what would you reccomend as building blocks to this for someone who will need to more than likely work another type of job while building contacts and learning the biz. Unfortunatley I pay for everything myself so I will need to find some sort of income to simply live while building myself.
 
#17 ·
Sorry I have been MIA from my own thread but I went to vegas this weeknd for halloween and still recovering lol

This is awsome so far and I am already learning alot....i am gonna go back through the thread and quote and respond with questions.

Till I get a chance to do that here is a few things I remembered reading.

I really like the idea of investing side of things....especially in todays economy I want to learn and grow as much as I can to take advantage of the current state. Now being a broker is something I also think I would enjoy, what exactly would this entail compared to investing and selling? Again im still learning so bear with me on the dumb questions please.

So far i've gotten that real world expierence and learning heavily outweighs some degree from somewhere however the basics are essential and those must be learned to a T to benefit fully from real expierence. I need to find an internship or person willing to teach me ASAP....I have always learned better hands on doing things with people that do them than from someone standing in front of a class writing on a board. Finding someone in AZ would be great while i am here at school however I want to focus on commercial investing and brokering since I plan to eventually make my way back to downtown Chicago. I love the idea of buying and selling commercial as said above with no emotion all business. I feel like doing business with the type of people as said above who are highly sophisticated and know about what they want is something that will benefit me largely (and the commision or profits on such deals I wouldnt mind either)

I do however think I need to focus on learning as much as I can about the fundementals before anything.

Keep the advice coming guys this is great and i've loved learning and reading so far.

Thanks, Charlie
 
#18 ·
and the commision or profits on such deals I wouldnt mind either
yes you can earn large commissions in commercial real estate, but the barrier of entry is high and it takes 12-16 months to close because you have to build like any other business; build knowledge, clients, contacts, relationships, etc.

That being said you can make it happen a lot faster but it takes an incredible amount of hustle. don't expect anyone to pay you hourly to sell a building.
 
#21 · (Edited)
Well, I've gotten my hands on some solid foundations. Pretty beastly books! Gonna' pace myself through them on top of my schoolwork.



As far as I understand the left is a coursework book for agents and the right is the core book for appraisal.
 
#23 ·
The book on the right will be good for you to read, but you aren't going to learn the real workings of CRE from a book. CRE is extremely unique and varies based upon the area and property type. Your best way of learning the business is by working in the industry below a seasoned vet. It is a hands on industry meaning experience is how you learn. Of course, reading the book will not hurt, but real knowledge will be gained in the game. My boss is an ex president of the Appraisal Institute and basically wrote that book (on the right).
 
#22 ·
Im going into real estate with my mother as soon as i graduate and start earning proper secured income. Going to do it via a mortgage and buy cheap properties at auction, (lots of what you call foreclosures in England right now) spend some money on them, try to make them unique, sell them on.

We are quite lucky as in England especially outside London, modern architecture hasnt taken off, theres a market for it but developers prefer to just do the normal, i guess that can turn it round quicker. So we are going to do about 10 houses till we can buy 2 in pure cash and then start developing :)
 
#24 ·
bump. I know this is an ignorant thing to say, but i'll say it anyway. How is selling a lambo difficult what so ever? Don't those cars sell themselves? I mean, what do you use a lambo for? Your not going cross country, your not off roading, its not a daily driver, i mean........ c'mon. It's a toy for most the people that can afford them. Their sexy and they go fast. How much more do you need to know?... the mpg? ..lol

anyway back to the topic. Before the recession I thought about going into rehab financing with my college savings. Something I still think about. If you give a loan at 70% ltv and your in 1st position, you dont need to worry about much.
A) the investor fixes up his property, sells it, and pays you off
B) the investor goes broke, you take over the property
1) dump it at fire sale prices. If your well capitalized, this shouldnt happen.
2) Finish the project, and rent it out, and sell later
 
#25 ·
bump. I know this is an ignorant thing to say, but i'll say it anyway. How is selling a lambo difficult what so ever? Don't those cars sell themselves? I mean, what do you use a lambo for? Your not going cross country, your not off roading, its not a daily driver, i mean........ c'mon. It's a toy for most the people that can afford them. Their sexy and they go fast. How much more do you need to know?... the mpg? ..lol
:confused:
 
#32 ·
Wow just checked the real estate section and saw my thread back at the top!

As I said previously any advice, opinions, expierence, or questions feel free to talk away no matter how long or short I wanna hear everything.



Please reply away! The longer more in depth you would like to be the more interested I am.

Also I too love the avatar!

You may have been in some of my classes. :D

I go to ASU, but study Design Management, I'm in a planning class right now. Sorry I'm no help, but lots of ASU students here. :eek:
Hmmm all the ASU students and alums on here should get together sometime....I'd love to meet some more people or have a group of people to go to L4P events with. Im sitting in a planning class right now as well, gonna be here for another longggg two and a half more hours.
 
#33 ·
Alright here we go, hopefully this will help a few people.

First thing you need to do is understand and pick an area you want to invest into. There are many types of real estate and many forms of real estate investing. I invest in rental properties and more specifically three to four unit buildings (more on why specifically that number of units later).

You really need to know your area and know your cities policies when it comes to rental properties. I took my city counsellor to lunch a month or so before making my first offer on a property to talk and learned some things that potentially could save me hundreds of thousands over the long run.

For example in our city anything over a five unit is deemed "commercial real estate" and thus garbage removal and even sidewalk snow removal comes at a fee. Anything under five units is deemed a residential property and those fees don't apply. These may seem minor but equate to thousands added to your bottom line every year.

The next thing is to have a good relationship with the banks you work with. You should have at least two to three primary banks. This is so crucial and even more so when you're younger. Getting the financing on my first building was nearly impossible even though I had the cash to pay for it ALL with the same bank.

...With the mortgage meltdown that's lingered over the past few years credit, especially mortgage credit, is incredibly strict for new home owner buyers.

We'll get more into dealing with banks more in a second.

What I do is buy a building at say 400k, put 20% down on it or 80k, put in mainly cosmetic changes and add a few things like a washer + dryer if it doesn't have it, get it re-appraised, go to your second primary bank and get it re-financed for upto 80% of the appraised value, pay off the first mortgage and then possibly raise the rents (only did that in one of the two buildings).

…All while hopefully coming out with no money into the property or less than than the initial 20% downpayment while the building still pays for itself. Defeats the purpose of why I buy the building if after renos and re-financing it doesn't pay for it self (as you'll soon see).

The purpose of re-financing it and paying off the first mortgage (assuming the 80% was significantly higher than the purchase price is so you can pull out the money you put into renovations) and then be out of pocket a relatively little amount.

An important aspect of the type of investing I do is that I really don't care what the price of the building goes to after I buy it and finish my initial minor renos + refinancing. I could buy a four unit for 400k and it could plummet to being worth 40k and it wouldn't bother me too much.

What would bother me however is if the rental prices in my city fell dramatically. I don't invest for appreciation, I invest for residual income from the tenants of my building.

When you compare home prices in your city to fixed currencies (not fiat) like gold or silver you'll notice housing prices, over time, have not gone up significantly and in some cases the market in your area could've been "crashing" for years.

It's because of the increased currency supply in almost every modern country that has given the false illusion that your home is appreciating significantly and is a huge reason for the boom and busts we have.

...But I digress from that subject. Because that's going in a totally different direction.

The point is that so many people these days are speculating on home prices through doing flips and such. It's insane and completely too risky for my appetite. My only criteria in my buildings is that the current rent covers all expenses and then some.

...That, in my mind, is a good deal. Now of course there are extremes to that example but generally any building that, over time, has always made more than expenses is a good one. But they aren't so easy to find, especially in boom cycles.

Getting my first building finances, because I was the one meeting with the bank, was incredibly difficult even though I literally had enough cash to buy the building in my bank account at that bank.

Even though it was all through a trust it was still an incredible ordeal partly due to my age. But never once did I get upset because clearly I had the money. Instead I kept persisting, got the financing, had an inspection done and closed the deal.

…On my first property the closing date was also just a month after the deal closed which was great. You'll find that with a lot of rental properties since no one has to move you're closing dates will be generally quite close to the day you have an accepted offer.

Bank relations are SO critical and I can't stress that enough. After it closed perfectly I made a call to my bank and mortgage broker thanking them for everything and sent a nice bouquet of flowers to them which got me so many calls and e-mails thanking me for it.

Little things like that go along way because at the end of the day it's about connections more than it is qualifications when it comes to getting what you want from a bank.

My first building I didn't re-fiancne through another bank, I just did a few very cosmetic renovation to the outside. My second building I did re-finance it which went very well because I had already had two mortgages (one of which I paid off after I got the financing from primary bank two).

So that's about it without getting into a huge thing about mortgage terms, rates, laws, fees, etc.

I love real estate because you do have an element of control and I, because of my financing, don't have to risk a whole lot of capital.

BUT… and here's a big but that makes many, many people fail with real estate. I love real estate because of the control it gives you opposed to say commodities or stocks. BUT when you buy rental properties, single family homes, etc in fragile markets where the rents don't cover existing expenses you LOSE that control.

Understanding that, in my mind, is critical to success in rental properties. The overall market is totally out of your control and when you rely on it's appreciation you run a greater chance of getting burnt. True that rents fluctuate but they do a very minor degree in comparison and when you buy in a central neighbourhood, not new developments, your vacancy rate and rents should be stable and growing.

This post isn't about how to invest in real estate, do massive renos, flip it for a quick 100k and be done with it. Too many people have gone bankrupt, in the best of markets, doing that regardless of what TLC may want you to believe.

I invest in properties that pay for themselves, make me consistent and decent residual income, require very little upkeep and run by themselves. And also require almost no capital when it's said and done -- although you should always have carrying costs saved. This also allows for quick leverage in moving onto other properties.

Note: I would recommend you get a property management company to look after your properties. Mine takes 10% of rent but deals with all problems the tenants have, snow removal and finding new tenants when old ones leave.

Also be sure to give back a little to your tenants. I raised the rents on one building, after painting the interiors of all the apartments and getting a central washer and dryer for them all, and although no one left I know some weren't overly pleased.

So I gave them just a real small gift this New Years (a $50 gift card to Tim Hortons) and someone from every unit e-mailed me thanking me for it. Little things like that, just for the bank, go so far and are so overlooked in almost every aspect of life.

This most certainly isn't a post to brag about any type of success. This isn't a thread, like I've seen quite a few over the years, trying to cut down others or brag about anything.

Success is all relative and I hardly count myself a success compared to many here but for those wanting to get started into real estate I know no better option.

I've also seen quite a few threads demanding "proof" of some sort (as it validates any claims whatsoever) and I hope my privacy is respected enough not to ask about what exact stocks I own, exact addresses of building and exact domains of sites I own, etc.

Finally I'd say that real estate, in my experience, is an easy game at the end of the end of the day. Not a get rich quick game, but a game where consistent profits with limited capital injections is possible. But with anything it's about the time and dedication you put into it. If you're passion is stocks, commodities or car investing I'd encourage you to move in that direction, read everything you can, talk to successful people in your area (or online) who do it and just get started.

Also don't let your age (whether 14 or 94) be an impediment to you reaching your financial goals. There's always a way to get what you want accomplished done.

Cheers.
 
#34 ·
This isn't a thread, like I've seen quite a few over the years, trying to cut down others or brag about anything.
^ This right here is exactly what I had in mind when I made this thread. Advice, opinions, expierences, thoughts is what I wanted to hear and anything else people might think will help me in the right direction.

What you have shared is something I really appreciate as it gives me yet another aspect of real estate to think about and take into consideration.

I think that my main focus to begin is going into a form of brokerage and connecting buyers with sellers of their desired property. I truly love the city which is why commercial is a large interest of mine. One thing I, unlike you, find desirable is the risk involved in larger scale type deals, and the possible compensations involved in such paths. However I do really like your outlook as far as acquiring properties with renting in mind rather than flipping and the steady income and simplicity involved in such an investment. Unfortunately unlike you I do not have capital to start myself out so I want to learn and work as much as I can as a broker or for a commercial firm and save save save. Then once I have some capital as well as comfortable with my ability and knowledge I want to begin investing on my own, and I feel like what you do would be a great way to begin that and begin building my portfolio. Thank you for the extensive response

Keep everything coming guys, glad this thread has a bit of new life as I am now beginning to become serious and pursuing some contacts in commercial real estate from my family in hopes of getting an internship this summer downtown.
 
#38 ·
The year was 2004 and I was an ambitious young man (18) looking to make it in the fast, big money game of real estate. My family knew how much I was interested in the world of investing, and the market seemed to be doing fine, so they decided to take the risk and buy a fixer for a fast flip, or so we thought.

We found a nice 3/2 house in the homewood, al area (off broadway street) that could use some basic interior remodeling and landscape work. Using my families business contacts, we felt confident that we were safe, and that they would help guide us, this being our first time and all. lol.

At this time, my uncle was doing about 5 flips at a time, also around the same area (I think he did some in mountain brook too, a high end area.), and he gave us his Realtors number, and said she was a great agent. My uncle's an attorney, so we figured if anything went south, we got some firepower.

Almost from the start, things started to go bad. What could have, and should have been a simple flip, got way out of hand. I'm not sure who had the idea, but we decided that we were going to extend the master bedroom by a few feet ( I dont remember the exact number), and add a master bathroom (which at the time it did not have). The guest bathroom was going to be redone, and the kitchen was going to get some fixes.

In order to extend the master, we had to cut part of the roof off, and have it redesigned. This was probably the biggest mistake we made, because it took the longest, and was the most costly. The contractors were hardly never there due to their "other jobs", and it would not stop raining so they would not pour the concrete to finish the extension.

We also found that there were rodents living in the attic, and the water heater went bad shortly after buying the house. Funny how the inspector never found those little issues. The architect, and ourselves also failed to notice that their was NO shower installed in the master bathroom, nor were there dual sinks!!

So about 9 months later, we couldn't give the house away if we tried. For the price we were asking, no one would, in the right mind would buy a house, especially a fixer-upper with the incorrect repairs. After Katrina rolled around in August of 05, we, or should I say my family, decided to rent the house to a friends family at no charge. They were there for several months.

I don't remember the date that we sold it, but we lost about 100k on the fire sale. Some young college med student picked it up. For all I know, he probably fixed our screw ups, and threw it right back on the market!.

My parents told me they would never try this again, and I felt partially responsible for their loss, because if it wasn't for me, they never would have done this. They also took the bullet for me, because they wouldn't let me invest my college savings in the project. In hindsight, had I done that, I'd be broke now. We learned some important lessons though which are:

1. Your "friends" will take advantage of you in this business if they sense any weakness. They will smile to your face, stab you in the back, and laugh all the way to the bank. My family no longer talks to the people they thought they could trust.

2. Check, double check, and triple check everything. Even the smallest, most obvious things can be over looked.

3. What you see on TV isn't the same.

4. many people who do flips, like 2fst ( http://www.luxury4play.com/properties/65997-my-bread-butter.html ) have some sort of skill in the process. All we did was right checks and hope for the best

5. Have money you can afford to lose. In other words, NO single investment should send you to the soup kitchen. Thank god that wasn't the case for us.
 
#43 ·
Great Posts Prodigus and Go Getter.
Thanks for sharing your experience with us Go Getter. Buying and flipping houses is time consuming and damn risky. It sounds so easy on paper: buy the house, new wood floor, new roof, bathroom renovations, throw it on the market and sell- but it rarely goes that smooth.

This thread delivers.
I concur
 
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